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Laws & Regulations
A payment institution is a legal entity that provides payment services for electronic payments through the infrastructure it offers. This article covers the Turkish regulatory framework, licensing, safeguarding, supervision, penalties and taxation.
Clearing
The Documentation Indicator is a code carried in the F60 (Additional Data) DE05 field of clearing transactions. Used in second presentment and reversal presentment transactions, it shows whether the supporting document has been sent. This post lists the values and their meanings.
Merchant & POS
The EMV Level 1 standard refers to an important global payment industry specification defining the electrical and physical interface between credit and debit cards and the payment terminal (ATM/POS). The EMV Contactless Level 1 certification guarantees that the device…
EMV
The Pin Change/Unblock command is used after card issuance to let the issuer remove a card's PIN block, or instantly change the reference PIN and remove its block, as well.
HSM & Security
ZPK, also known as the PIN Protection Key, is a data encryption key that is distributed automatically and used to encrypt PINs. It is also referred to as the 'Working Key'. This key allows PIN information to be carried securely across the network.
Merchant & POS
In daily credit card purchases, the POS produces two receipts: the Customer Copy and the Merchant Copy. The cardholder gets the customer copy; the merchant keeps its own copy by law.
Fraud
Recently the following news story appeared in the papers. Two things stood out: the hacker was a former banker, and the device he used to clone cards. In banking fraud, insiders who know the system's weak points can build schemes customers never notice.
ISO 8583
F37-RETRIEVAL REFERENCE NUMBER is a code generated by the bank that initiates a transaction, used to uniquely track it. It is a 12-character alphanumeric value.
ISO 8583
F7 - TRANSMISSION DATE AND TIME: the field containing the moment the initiating party started the transaction. It is a 10-character numeric value in MMDDhhmmss format.
Credit Card
KKB (Credit Registration Bureau) is a private company established in 1995 under Banking Law No. 5411 with nine bank shareholders, sharing credit information among member institutions.
E-commerce
AI agents are moving beyond answering questions to searching, deciding, and paying on behalf of users. This post explains Agentic Commerce and what it means for payment systems, digital wallets, e-money institutions, banks, and fintechs.
Payment Systems
In payment systems, an “appeal” is the process of objecting to the outcome of a transaction dispute. It is usually discussed alongside chargebacks, but it plays a critical role in interbank dispute resolution, when a party asks the card scheme to re-evaluate a concluded decision.